eBay

ypdc_dennis · ‎03-01-2018

The chart for 1955 (found while going through some old papers of my dad).

Things have changed a bit...

tax season from 62 years ago

cumos55 · ‎03-01-2018

Before we go any further, one should ask several questions.

What was the average hourly salary of someone... minimum wage?

How much for a house?

How much for a car?

If we take that table and convert it to a 2018 reality , the end result could be very interesting!

A car could be bought for $2,000 in 1971.... while today that same car would be priced at $20,000. In 1955 that might have most likely been less than $1,000

Gas in 1971 was about 45 cents an Imperial gallon... Today it is about $1.00 to $1.10 a litre..... or about $4.50 an Imperial gallon....

Those 1955 values look wild when they are applied to 2018 data....... However, make the inflation adjustment and then everything just might make sense.... That is MIGHT make sense.

ypdc_dennis · ‎03-01-2018

We don't have 17 income tax rate levels any more, it's been simplified to 5 rates ranging from 15% to 33%. The top rate now starts at $200,000.

...

Percentages are inflation resistant. Some of the big changes are in what deductions are allowed and what other things are paid for: Canada Pension, Employment Insurance, health care...

...

What a dollar could buy has certainly changed. I have more computing power on my desk than all of Canada had in 1955. If you wanted to communicate it was post office, telegram and telephone. As for cars, most Canadians still didn't own one in 1955 (that was rapidly changing). Train and bus travel was still strong, with car and air on the rise.

...

Maps were paper. Man made objects in space was a Sci-Fi fantasy.

...

Most provinces did not have a minimum wage in 1955.

The USA federal government had 75 cents/hour in 1955 (rising to $1 in 1956).

-..-

cumos55 · ‎03-01-2018

Our money world is changing now more than ever before...

The internet has created a totally new world.... primarily with how we spend money... and then how we communicate...

Certain things will never change, no matter how hard someone may push for a change.

cumos55 · ‎03-01-2018

The highest personal tax rate, federal plus provincial, is about 45 %.

When someone dies..... then about 45 % of all RRSP's belongs to the government.

For cash accounts, with joint accounts, the money goes to the survivor.

We have to understand taxation effects and know how to prevent major losses due to taxation.

reallynicestamps · ‎03-01-2018

My dad had a union job at AVRoe, from 1952 to 1962. (Yes he worked on the Arrow as a radar technician. He was not fired in 1959 with the 14,000 others, but instead worked on Avro projects in Quebec.)

He earned $5200 annually, which was enough that my eldest sister could return to school and complete Grade12 Commercial.

And my mum only worked part time.

They were able to buy a house in Etobicoke (now Toronto) for $10,000 straight off the boat because there were programs for housing veterans.

But he paid $972 in income tax on that $5200, as well as pension and unemployment deductions.

There was no universal health care, but I think there was some sort of plan through the union.

momcqueen · ‎03-01-2018

I love the look of old documents, almost regardless of what they say. (This one would look nice mounted and framed as a gift to an accountant or tax specialist.) To me, it's the typeface and graphic design as much as the information that captures that point in time and immortalizes it.

femmefan1946 · ‎03-01-2018

The highest personal tax rate, federal plus provincial, is about 45 %.

Much lower than in 1955.

And as is often pointed out-- that was one of the most prosperous periods in Canadian and US history. (Although we were just pulling out of the post-war recession.)

The cost of gas in Victoria today is $1.419 a litre. A little lower upisland, probably higher in Vancouver.